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J.G. Wentworth completes Chapter 11 restructuring

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J.G. Wentworth completes Chapter 11 restructuring

J.G. Wentworth Co. has completed its reorganization under its prepackaged Chapter 11 plan.

The company extinguished $449.5 million in principal of outstanding debt and secured a revolving credit facility of roughly $70 million from HPS Investment Partners LLC. The company expects its debt service to be reduced to roughly $5 million from $32 million annually and its net leverage to be decreased to 1.0x from roughly 12.4x.

Lenders have exchanged their claims under the extinguished credit facility for cash consideration and at least 95.5% of the equity in the restructured company. The company, which had continued operations throughout the in-court restructuring process, will retain its leadership team.